Major indexes are lower amid a drop in Meta following its quarterly earnings report and weaker-than-expected US GDP data.
Portfolio Pulse from Benzinga Newsdesk
Major stock indexes declined due to a fall in Meta's stock after its disappointing quarterly earnings report and weaker-than-expected US GDP data. This indicates a broader market reaction to both company-specific news and macroeconomic indicators.
April 25, 2024 | 1:37 pm
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NEGATIVE IMPACT
The Dow Jones Industrial Average ETF, DIA, likely experienced a decline in response to the broader market downturn influenced by Meta's earnings and GDP data.
As an ETF tracking the Dow Jones Industrial Average, DIA's performance is sensitive to major economic indicators and significant movements in large-cap stocks like Meta.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
IWM, the Russell 2000 ETF, may see a short-term impact due to the negative sentiment from Meta's earnings and the GDP data, affecting smaller cap stocks.
IWM tracks smaller cap stocks which can be more volatile in response to broad market sentiment, potentially exacerbated by negative news from larger companies and economic data.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 70
NEGATIVE IMPACT
Meta's stock price fell following a disappointing quarterly earnings report, indicating potential short-term volatility.
Meta's disappointing earnings report directly impacts its stock price as investors adjust their expectations based on the company's financial performance.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
The NASDAQ-100 tracking ETF, QQQ, likely saw a decline, particularly impacted by Meta's earnings miss, given its tech-heavy composition.
QQQ, with its significant exposure to tech stocks, is directly impacted by Meta's performance, a major component, alongside broader market trends.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
QQQM, mirroring the NASDAQ-100 like QQQ but with lower fees, similarly faced a downturn due to Meta's earnings and general market sentiment.
Given QQQM's similar exposure to tech stocks as QQQ, Meta's earnings report and the overall market downturn have a parallel impact on its performance.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 85
NEGATIVE IMPACT
SPY, the S&P 500 ETF, likely experienced a decline reflecting the broader market's reaction to Meta's earnings and the disappointing GDP data.
SPY tracks a broad range of sectors and is impacted by significant movements in large-cap stocks like Meta and key economic indicators such as GDP data.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85